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Telefonica Brazil offering raises $5.3B

Telefonica Brasil’s public offering has brought in BRL16 billion ($5.3 billion) to finance its acquisition of broadband provider GVT.

The operator is looking to merge its market-leading Vivo unit with GVT - currently owned by Vivendi – in order to expand its quadplay offering. Telefonica and Vivendi agreed a deal last year; the acquisition will cement Vivo’s position in the Brazilian market.

Vivo currently has around 77 million mobile connections, putting it ahead of its closest rival TIM (75 million) as well as America Movil’s Claro (68 million) and Oi (50 million)

First announced in March, the offering was delayed by around a month following a review by the Brazilian securities exchange commission, CVM.

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